Sector Updates

The insurance sector is currently faced with a pressing need to enhance accuracy in risk assessment, streamline claims verification, and personalise coverage to meet rising customer demands. With expectations higher than ever, firms are now looking for a panacea. Enter agentic AI—an innovative solution that is being tipped by many to transform the InsurTech sector in 2025.  

Remote, a leading global HR platform and payroll provider, has teamed up with InsurTech firm Kota to enable companies to seamlessly manage their employee health benefits across multiple countries.

Openkoda, a leading provider of open-source enterprise software, has launched a GenAI-powered platform which is set to revolutionise modern insurance applications.

Bolttech, a fast-growing global InsurTech company, has successfully secured a $50m venture debt facility from HSBC.

VOOM Insurance, an InsurTech pioneer known for crafting usage-based insurance products tailored for the future of mobility, has appointed Thomas Coyne as its new head of insurance.

The Claims Portal, a UK Ministry of Justice-mandated service for managing personal injury claims valued between £5,000 and £25,000, has partnered with CRIF to improve user experience and modernise the claims management process.

Luma Financial Technologies, a global leader in structured products and insurance solutions, has announced its expansion into the life insurance sector.

As UK insurers grapple with rising claims costs and escalating premiums, the pressure on onboarding processes has never been greater. Motor claims payouts surged by 18% last year, while British drivers faced premium hikes of over a third, outpacing the rest of Europe. At the same time, home insurance renewal quotes soared by 42%, leaving insurers scrambling to adapt. Given these tribulations, the efficiency and effectiveness of insurance onboarding has become crucial. 

Novidea, a leading InsurTech firm known for its cloud-based, data-driven insurance enterprise management platform, has bolstered its presence in the London Market by relocating to a larger office space in the heart of the City of London.

Kayna, an award-winning embedded insurance infrastructure platform; WTW, a global advisory, broking, and solutions leader; and Vibrant, a cybersecurity oversight platform, have joined forces to streamline vendor risk management.